Purchase College is adopting a new standardized financial aid award letter for the 2013-2014 academic year that the school hopes will offer clarity and information to help students make good decisions about college financing.
The school said it is a significant step in the State University of New York (SUNY) Smart Track Campaign, which is considered a greater commitment to transparency in college financing. The letter will be used by all 64 SUNY schools.
The new standardized letter will allow students and their families to evaluate cost of attendance and financial aid offerings. It also includes information such as graduation rate, median borrowing, and loan default rate.
The letter was initially presented when SUNY launched its Smart Track Campaign in September 2012. In addition to the new award letter, the Smart Track Campaign will initiate the expansion of SUNY’s Student Loan Service Center to assist students at risk of default earlier in the process. The campaign will also provide new online resources including a net price calculator, chats with financial aid experts, and financial literacy materials.
